Bank Of America Squares Off With Mobile Pay On Demand

This was bound to happen sooner than later. Bank of America is now a player in the mobile payment space with the introduction of its version of the Square card reader. The service is called “Mobile Pay On Demand” and it has very similar qualities to all the other mobile payment services.

Here are some of the benefits

Pay as you go with no monthly fee—if you don’t use it, you don’t pay for it
– Easy, online signup; simple to operate
– Works with your existing checking account
– Instant authorization ensures fast funding for you
– Customer receives e-receipt by email following transaction
– Card numbers are encrypted and truncated instantly to help keep customer’s information secure

So if you already have a Bank of America bank account and a Compatible Android™ or  iPhone® device you are in business to accept credit cards.

The service has a very compatible 2.70% per swipe rate and no setup or monthly fees.

This a big move for Bank of America. One that I think will bring them a host of new customers who are already using mobile payment services like Square Register and PayPal Here but would like the comfort, convenience and security of a big bank.

Bank of America has a signup form ready to capture all those who are interested in reserving their new card reader and take advantage of  a free, one-year subscription to iDeals Marketing Platform Pro.  The iDeals Marketing Platform Pro helps businesses reach current customers and prospects by creating advertising events and offering promotions online.

The roll out of the service should start in the beginning part of December 2012 but may not catch to Christmas rush unless Bank of America is able to distribute these new card readers via their multiple locations.

 

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